What is a fixed rate term loan and how does it work?
- 1 What is a fixed rate term loan and how does it work?
- 2 Looking For A Fixed Rate Term Loan?
- 3 Do I Qualify For A Fixed Rate Term Loan?
- 4 What’s needed to apply?
- 5 What are the typical options?
- 6 Easy Application Process
- 7 Fixed Interest Rates
- 8 No Up-Front Fees
- 9 Predictable Payments
- 10 We're Waiting For Your Application!
- 11 The best customer service
- 12 Great guys
- 13 Great customer service from Remo
- 14 Excellence!!
- 15 Great company and great guys that helped me
- 16 We love this company
A fixed-rate term loan has an interest rate which stays the same for the loan’s entire term. For example, you could have a loan with a five-year term during which the interest rate is “locked in.”
The payments on a fixed-rate loan are blended, meaning they combine interest and principal in an equal monthly amount that does not change over the term of the loan.
The principal amount of the loan and the rate are set by an agreement which binds both the lender and the borrower to the deal. Under a fixed-rate loan agreement, as long as the borrower makes payments as scheduled, the lender cannot demand repayment.
Fixed-rate loans make budgeting predictable, which can be beneficial to a business.
Do I Qualify For A Fixed Rate Term Loan?
Qualifying for a fixed rate term loan is not as difficult as you might think!
Depending on the amount you are looking to secure, there are minimum criteria that you must meet, including:
- 680+ Fico Credit Score
- $50,000 personal income
What’s needed to apply?
- PBC application
- 4 months of business bank statements
- Recent credit report
- Most recent personal tax return
What are the typical options?
- $25,000 – $300,000 range of funding
- 5 to 7 Year Terms
- 5% – 15% is the typical interest range
- No pre-payment penalties